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<Research>BofAS Cuts GEELY AUTO (00175.HK) TP to $10; Interim Core Profit In Line
Recommend 17 Positive 16 Negative 11 |
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BofA Securities issued a research report, covering GEELY AUTO (00175.HK), of which core profit in 1H24 was in line. GPM added 1.9 ppts YoY and 2.8 ppts QoQ, mainly due to improved economies of scale and sharp cost reductions in 2Q24. The broker said Geely's export sales of automobiles in 1H24 heighted 67% YoY, outperforming the industry's export sales growth of 31% YoY. Considering Geely's performance in 2Q24, the broker revised down its sales forecast for FY2024-26 by 1% and maintained its GPM for FY2024-26 roughly unchanged. In addition, BofA Securities raised its profit forecast for Geely's FY2024 by 97%, while lowering it by 2% for FY2025 and FY2026. Given the company's strong sales growth, the greater contribution of export sales to profitability, and the upside potential for sales growth provided by its subsidiary ZEEKR (ZK.US), the broker cut its target price for GEELY AUTO from $10.7 to $10 and reiterated its Buy rating. AAStocks Financial News |
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